“The potential transaction, if consummated, is in line with the company's stated strategy of creating a new era, new media solution embracing data, content and technology in an always-on environment for global, multi-national, regional and local clients and for millennial-driven digital brands,” S4 said in a statement.

However, S4 said it is unsure when the acquisition will go through and will make another announcement when it does.

The company had previously denied the rumors in November when it said it was a common business practice to hold discussions with the owners of several digital marketing services businesses about possible acquisitions.